The government has approved recapitalisation of Rs 48,239 crore in 12 public sector banks in this fiscal to help them maintain regulatory capital requirements and finance growth plans.

In a tweet, Financial Services Secretary Rajiv Kumar said the recapitalization will help these banks perform better.

He said, the government will infuse over nine thousand crore rupees in Corporation Bank and six thousand 896 crore rupees in Allahabad Bank.

They are better-performing banks currently under the Prompt Corrective Action (PCA) supervision of the RBI. Besides, four thousand 638 crore rupees will be provided Bank of India and 205 crore rupees to Bank of Maharashtra. These banks have recently come out of the regulatory supervisory framework PCA of the RBI.

Mr Kumar also said, Punjab National Bank will get over 5,900 crore rupees, Union Bank of India 4,112 crore rupees, Andhra Bank 3,256 crore and Syndicate Bank will get over 1,600 crore rupees.

The government will also pump in 12,535 crore rupees in Central Bank of India, United Bank, UCO Bank and Indian Overseas Bank.